The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of June 30, 2026 and December 31, 2025:


As of June 30, 2026
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	184,869	$	184,869	$	—	$	—

Level 1
Commercial paper	$	8,417	$	—	$	(18)	$	8,399	$	—	$	8,417	$	—
Money market funds	996,018		—		—		996,018		996,018		—		—
Subtotal	$	1,004,435	$	—	$	(18)	$	1,004,417	$	996,018	$	8,417	$	—

Level 2
Asset-backed securities	$	22,141	$	2	$	(30)	$	22,113	$	—	$	4	$	22,136

Corporate debt securities	160,121		17		(407)		159,731		—		104,609		55,513
U.S. Treasury securities	43,593		2		(200)		43,395		—		19,949		23,644
Subtotal	$	225,855	$	21	$	(637)	$	225,239	$	—	$	124,562	$	101,293

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,230,290	$	21	$	(655)	$	1,415,925	$	1,180,887	$	132,979	$	102,693


As of December 31, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	—	$	—	$	—	$	155,840	$	155,840	$	—	$	—

Level 1
Commercial paper	$	4,318	$	—	$	—	$	4,318	$	1,993	$	2,324	$	—
Money market funds	878,556		—		—		878,556		878,556		—		—
Subtotal	$	882,874	$	—	$	—	$	882,874	$	880,549	$	2,324	$	—

Level 2
Asset-backed securities	$	26,794	$	44	$	—	$	26,838	$	—	$	347	$	26,447

Corporate debt securities	182,417		237		(19)		182,635		—		93,997		88,420
U.S. Treasury securities	26,241		154		—		26,395		—		7,410		18,831
Subtotal	$	235,452	$	435	$	(19)	$	235,868	$	—	$	101,754	$	133,698

Level 3
Investment in SAFE	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Subtotal	$	—	$	—	$	—	$	1,400	$	—	$	—	$	1,400
Total	$	1,118,326	$	435	$	(19)	$	1,275,982	$	1,036,389	$	104,078	$	135,098